CBEX: Expert's Guide to Withdrawing Your Money amid Investment Platform’s Collapse
- CBEX, an unsecured and unregistered digital trading platform, collapsed on Monday, April 14, 2025, leaving investors stranded
- The platform had promised users a 100% return on investment within 30 days, which won them investors
- However, a crypto expert, Taiwo Owolabi, has asked users to pay the $100 or $200 verification fee demanded by CBEX to withdraw their funds
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Many Nigerian investors lost their life savings after CBEX, an unsecured and unregistered digital trading platform, crashed on Monday, April 14, 2025.
A previous Legit.ng report disclosed that the platform became unavailable and inaccessible to users seeking to withdraw their funds on Tuesday, April 15, 2025, leading to the belief that it had crashed.
Source: Getty Images
CBEX promised 100% ROI in 30 days
Before the crash on Monday, April 14, 2025, the platform had prided itself as a high-yield investment firm, promising investors a 100% return within a month.
CBEX only accepted dollar-denominated transactions, meaning users only invested in USD.
The platform assured investors of a 100% return on investment in 30 days, intending to create a secure and transparent transaction platform.
However, the crash has sparked uncertainty in digital transactions with investors rethinking their actions due to their losses.
CBEX: Expert explains ways to withdraw
Meanwhile, a cryptocurrency analyst and security expert, Taiwo Owolabi, disclosed that available data shows that funds were moved to a TRX address and that the total volume stolen amounted to $847 million and may increase over time.
According to Owolabi, the CBEX website was deliberately designed weak, leaving holes to convince investors in the future that it was caused by a security breach.
He said when users make payments, they pay into a TRX account, which is almost immediately moved from a TRX wallet, and converted to USDT and ETH.
He said that creates an illusion for users who are logging into their account to believe that there is no money in their profile.
He disclosed that users only see numbers, stating that the purported AI trading was fake and that CBEX only sends another user’s money at the point of withdrawal.
CBEX demands verification fees
“Since you won’t be leaving them because of greed. You will most likely put the money back and even more. So, they will use that same money to pay another person. As you spread the word for them, more people will join and do the same,” he said.
He disclosed in an X-Space that in reality all the funds had disappeared unless users paid the $100 or $200 verification fees, which they might use to settle some users.
Source: Getty Images
He disclosed that what happened to CBEX is common among Ponzi platforms that defrauded Nigerians in the past.
CBEX: Expert shares key things you need to know
Legit.ng previously reported that Nigerians have taken to social media to lament the collapse of CBEX, a digital asset trading platform that reportedly wiped over N1.3 trillion from investors’ accounts.
The platform crashed on April 14, causing funds in user wallets to vanish.
CBEX subsequently locked its Telegram channels, postponed withdrawals, and offered investors a verification option—$2,000 for $200 verification and $1,000 for $100 verification—raising suspicions about its operations
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Source: Legit.ng
